As an Entrepreneur in the Blockchain space, you would probably be aware of Initial Coin Offering. Being one of the popular fundraising schemes, most of the startups have raised their funds by creating ICO tokens.
However, the query still circulates! How much does it actually cost to launch an ICO? Will it be affordable and feasible? This blog is intended to answer all your queries and provide you the relevant information!
What are the factors which influence ICO Pricing in the industry?
The cost of creating an ICO will depend on the following set of factors primarily:
The complexity of the project
The cost of launching an ICO will initially depend on the complexity of the project. The more is the features and functionalities involved in the project, the same will be the cost it.
Timeline of the project
Launching a safe and compliant ICO will take around 3-6 months of time. Additionally, this also depends on the existing expertise of the core team who are involved in the project. On the other hand, if you are planning to buy a readymade or Whitelabel ICO platform script, you can launch a reliable ICO safely. We at Icoclone, deliver customizable ICO script and software to help you in launching your ICO instantly!
When it comes to technology, ideation plays a greater role. Before you spend a huge amount, you just need to allocate a piece of money to ensure whether the project is feasible.
If you already have an existing product make sure you have implemented ICO in it. The amount for this will usually won’t cost much. However, this usually depends on the complexity of the project as discussed before. On the other hand, if you already have an in-house team of experts the project cost would gradually be high. This cost also varies with employee’s salaries.
Once you have your idea, the next step is to turn your idea into reality. Technical Aspects play a major role since most of your expenses will be decided with this factor. The technology sector involves planning and research into how the architecture and technology of your blockchain platform will work.
Therefore, get your answers to these queries:
How the Blockchain technology resolves the problem you are addressing?
- Technically, how your ICO Platform works?
- Legal aspects of your ICO Token with its terms and conditions
- Security protocols involved in your ICO platform
- The scope of your project and milestones in your ICO development
- Do you have an in-house resource or you are going to hire ICO Developers?
Resources here include Blockchain research scientist, blockchain designer & developer, blockchain security engineer, blockchain advisor.
ICO Development: Legal Compliance
In addition to the development costs, there remains a separate price for the Legal Advisory team. It includes the legal structure of the offering, token offering documents, KYC/AML entities, etc.
Moreover, the laws and regulations in the ICO industry is constantly evolving and hence the cost. Therefore, to launch a compliant ICO, remain true to your lawyers who bring in an extensive set of practices. Make sure you hire ICO Advisors with a rich set of expertise in the domain.
Resources here include Blockchain legal advisors, an in-house legal team, compliance team.
ICO Token Sale Development
This is the major part of ICO Development. Because the platform has to be stable enough to support an increasing set of transactions. The initial step is to create an ICO landing page that provides answers for the reason to launch ICO and the story of the product.
The page should be developed in a manner that directs the user to your token sale platform, where your investor can access KYC modules, perform due diligence and compliance procedures required for an ICO.
The ICO platform should include an Admin Panel where you can completely manage the tokens.
Resources here include UI/UX Designers, Developers, Software Engineers, Content Writers.
ICO Development: Security Protocols Implementation
If you are aware of ICO history, you would probably notice that around $400 million worth of funds are stolen from ICO’s between the years 2015 and 2017.
Therefore, security is critical. It involves Smart Contracts, frequent security audits, security monitoring, testing, etc.
If you encounter any issues during this stage, make sure you resolve them immediately.
Resources here include Blockchain Cybersecurity Engineers, Testing Engineers.
ICO Marketing & PR
It is important to introduce your ICO’s to the crypto world. A Google search results in handovers you with high engagements, followers, and more importantly high-end investors.
ICO Marketing strategies include Bounty Programs, ICO Listing sites, forums, social media posts, press releases, content distribution, paid advertisements, etc.
Resources here involves Social Media Experts, Content Managers, Bounty program managers, etc.
Why Icoclone can be a perfect solution provider?
That’s pretty much about it. Yes, the process of ICO can be made hassle-free once you layout a clear draft of your development plan. Remember to manage your funds wisely before and after the ICO. Have a backup in case of any issues or to recover if you run out of funds.
We at Icoclone are responsible for delivering you the desired ICO product at a reasonable price. The cost of the ICO Website Script at Icoclone will start from $3000 to $10,000 depending on your customizable requirements and project complexity.
We integrate futuristic features in the ICO platform as per your expectations and cater to your unique requirements.